Wednesday May 23, 2018
Economic Calendar & Watch List
Morning Notes
US Futures and European shares are lower in early trading. Investors are cautious with new doubt being cast in the North Korea talks and some difficulty in the China trade negotiations as Pres. Trump said he was “not pleased” with the progress that was being made. European shares are down with a lower than expected manufacturing PMI numbers, causing investors to be concerned with slowing economic momentum. Asian markets settled the day lower.
Technicals
The SPY tried and failed to push through the pivot highs, continuing to consolidate above the 100SMA. Support will first lie at the 100SMA at 270.57, followed by the $270 pivot and the 20EMA at $269.73, then the $267 pivot, $265. It continues at the 200SMA at $262.73, then pivots at $256.60, $254.67, and the low of the February sell down at $252.92. Resistance will lie at $273, $275.5, $280, $284.10, and all time highs at $286.63.
Small Cap Watch List
*Please refer to the momentum scanners displayed live in the chat room for potential plays at the market open.
**Others On Watch**
TIF, LOW, RRGB
Economic Calendar
9:45 PMI Composite Flash
10:00 New Home Sales
10:30 EIA Petroleum Status Report
2:00 FOMC Minutes
2:15 Fed Pres. Kashkari Speaks
Notable Earnings Before Open
Target (TGT) – EPS Est. $1.38
Lowes (LOW) – EPS Est. $1.22
Tiffany & Co. (TIF) – EPS Est. $0.84
Notable Earnings After Close
L Brands (LB) – EPS Est. $0.15
Williams-Sonoma (TTWO) – EPS Est. $0.57